UPDATE: Reps. order CBN to revise it’s cashless policy implementation


Reps. order CBN to revise it’s cashless policy implementation

The lower chamber of the National Assembly has ordered the CBN to revise it’s cashless policy implementation which is presently attracting negative reactions from many quarters.
The cashless policy implementation which started on the 18th of September 2019 has imposed charges on both lodgement and withdrawal of cash by both individuals and corporate bodies presently in six pilot states of the nation with FCT inclusive (Lagos, Abia, Ogun, Anambra, Kano and Rivers).
The chairman house committee on banking and currency Hon. Victor Nwokolo who spoke to news men in Abuja yesterday said, already the committee has summoned the CBN governor Godwin Emefiele who couldn’t honour the invitation due to his scheduled official assignment in the United Kingdom.

Hon. Victor Nwokolo

According to the lawmaker the meeting is rescheduled to hold on Wednesday this week  and hopefully the grey areas of the policy implementation would be addressed.
The CBN through a circular on 17th September stated that the cashless policy implementation would start on the following day 18th September 2019 which seeks to compel individuals and corporate bodies to pay 2% and 3% for the deposit and withdrawal of N500,000 and above as well as  N3000,000 and above respectfully.
The CBN hopes to embark on a nationwide implementation by March 2020.


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